For the Quarter Ending March 2025
North America
In Q1 2025, mixed xylene prices in the USA showed a fluctuating trend influenced by feedstock price changes and steady demand from the PET sector. January saw a steady rise in prices, driven by increases in natural gas and naphtha costs. By the end of January, mixed xylene prices had risen by 3.5%, reaching USD 880/MT.
In February, prices slightly declined by 3.4%, as feedstock costs decreased, lowering production expenses. Despite this, stable demand from the PET sector maintained a balanced market, keeping prices steady at USD 850/MT by month-end.
The quarter’s trend was characterized by a stable supply-demand balance, with production levels remaining consistent to meet the steady demand from downstream sectors like PET and phthalic acid. Energy cost fluctuations, particularly in natural gas and naphtha, had an impact, but overall, the market remained resilient, with prices moving within a narrow range, reflecting market stability.
APAC
In Q1 2025, mixed xylene prices in South Korea experienced fluctuations due to changing feedstock costs and varying demand from key sectors. In January, prices increased by 2.1% in the first week, reaching USD 740/MT, driven by higher naphtha prices and stable demand from Isophthalic Acid. The upward trend continued into the last week of January, with prices rising to USD 760/MT, supported by stronger export demand and inventory restocking.
February saw a price correction, with a 3.9% decrease in the first week, bringing prices to USD 730/MT. This decline was driven by softer demand and cautious market sentiment. However, by the end of February, prices recovered slightly to USD 745/MT, due to tighter supply and restocking activities.
Overall, Q1 2025 showed a volatile mixed xylene market in South Korea. While demand from sectors like PET and Isophthalic Acid remained stable, price trends were impacted by fluctuations in feedstock costs and supply-demand dynamics.
Europe
In Q1 2025, mixed xylene prices in Germany exhibited an upward trend early in the quarter, primarily driven by rising energy costs. In January, prices increased significantly, with a 4.2% rise in the third week, reaching USD 740/MT, followed by a 6.7% increase in the fourth week to USD 800/MT. These price hikes were fuelled by higher natural gas prices and rising production costs, despite stable demand from the PET sector.
February saw a more stable market, with prices holding steady at USD 800/MT during the first three weeks. However, in the last week of February, prices experienced a slight decline of 3.8%, settling at USD 770/MT. This drop was largely attributed to softer market sentiment and fluctuating energy prices, although demand from the PET sector remained consistent.
Overall, the quarter reflected a period of volatility, with mixed xylene prices influenced by global energy trends and stable downstream demand from the PET industry.
For the Quarter Ending December 2024
North America
In Q4 2024, mixed xylene prices in the U.S. demonstrated varied trends, with moderate increases in October and November, followed by a decline in December. The initial upward momentum was driven by strong crude oil sector support and steady production levels.
However, as the quarter progressed, weak domestic and international demand, geopolitical uncertainties, and the seasonal winter slowdown reversed the price trend. Manufacturing activity, showed persistent contraction, with declining orders in key sectors such as automotive and construction further weakening market sentiment.
Supply remained steady throughout the quarter, supported by past feedstock inventories and consistent production, though modest demand limited significant supply growth. Weak global economic conditions, compounded by fluctuating feedstock naphtha prices, affected the cost structure and purchasing behavior in downstream markets. Demand remained subdued, reflecting reduced industrial activity, geopolitical uncertainties, and cautious procurement in the construction and automotive sectors. The decline in December highlights the ongoing pressure from weak demand and uncertain macroeconomic conditions, with further challenges anticipated in the near term.
APAC
In Q4 2024, Mixed Xylene prices in China showed a modest recovery following a decline in the previous quarter, supported by stable production, low inventory levels, and steady operations from major producers like Yangzi Petrochemical and Zhenhai Petrochemical. After starting the quarter on a bearish note, prices began to stabilize in November, driven by improved supply-demand dynamics and marginal trading activity increases. Low inventory at East China ports tightened supply, preventing further price drops, while rising methanol feedstock costs created upward pressure on production expenses, contributing to a gradual price rebound. Despite these positive developments, demand from key downstream sectors such as gasoline blending, paints, and coatings remained weak, reflecting cautious buying behavior and subdued consumption from the construction and chemical industries. The construction sector, a significant consumer, faced contraction, with declines in new orders and cautious purchasing further weighing on demand. While the quarter ended on a more stable note, the overall recovery in Mixed Xylene prices remained moderate, as weak downstream demand and broader economic uncertainties continued to limit significant gains.
Europe
In Q4 2024, Mixed Xylene prices in Germany showed a declining trend, dropping 5.3% in October and 3.18% in November, before stabilizing slightly in December at USD 695/MT FOB Hamburg. The market faced persistent pressure from oversupply, weak demand across downstream sectors like construction, automotive, and PET, and subdued market sentiment. High inventory levels and reduced industrial output in Germany, coupled with the 2.76% depreciation of the Euro, further constrained price recovery, making exports less competitive. Although steady crude oil prices and consistent production from domestic refineries supported supply stability, rising energy costs added strain to production economics. Demand remained weak throughout the quarter, driven by declining activity in construction and automotive industries, along with increased preferences for sustainable alternatives and cheaper substitutes in downstream markets. While December brought some stabilization due to cautious trading and steady supply, the outlook remains bearish, with potential recovery in Q1 2025 reliant on improvements in industrial output, construction activity, and global trade dynamics.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American mixed xylene market experienced a bearish trend, driven by muted demand and declining prices. Throughout August and September, mixed xylene prices remained stable to lower, primarily due to weak consumption from the downstream phthalic anhydride industry, particularly within the construction sector. Economic headwinds, including rising mortgage rates and sluggish construction spending, exacerbated the already soft demand, leading to average market conditions. This downward pressure was compounded by falling feedstock naphtha prices, which further reduced production costs for mixed xylene.
Supply levels were characterized as moderate, with domestic production operating at low rates amid deteriorating manufacturing conditions. Despite these challenges, the availability of mixed xylene was sufficient to meet existing demand. However, potential supply disruptions loomed due to labor negotiations between the International Longshoremen's Association and port operators, with strike threats potentially impacting supply chains. The last recording price of September 2024 was assessed for FOB Louisiana USD 840/MT
Overall, while there were indications of stabilizing factors, including a decrease in inflation rates, these did not translate into increased demand for mixed xylene. The market sentiment remained cautious, reflecting the complexities of a landscape shaped by external economic challenges and sluggish growth within key end-user sectors.
APAC
From July to September 2024, mixed xylene prices in APAC remained generally stable to lower, as market dynamics were influenced by soft buyer interest, abundant supply, and limited feedstock cost support due to declines in naphtha prices. Crude oil showed volatility due to geopolitical tensions, further affecting market sentiment. Meanwhile, demand from the downstream phthalic anhydride industry was sluggish, hindered by slower-than-expected construction activity amid China's property sector downturn. Throughout Q3, China’s economy faced challenges, including a weaker GDP growth rate and a three-month decline in manufacturing activity, despite government efforts to stimulate growth with policy rate cuts. Sufficient mixed xylene supply was met with declining downstream demand, while production rates were lowered to align with demand levels. Import delays due to port congestion, typhoons, and supply chain disruptions added some pressure, yet inventory levels remained adequate. The last recording price of September 2024 was assessed for Ex-Qingdao USD 665/MT. The real estate sector’s downturn continued to weigh on demand for mixed xylene’s downstream applications, with new-home sales among top developers decreasing sharply year-over-year. This combination of high material availability and weak demand kept Mixed xylene prices low, and market sentiment is expected to remain subdued in the near term.
Europe
In Q3 2024, the European mixed xylene market has been experiencing significant challenges in 2024, marked by stable to declining prices driven by muted demand. The German market has been particularly affected, with prices under pressure due to weakened consumption from downstream sectors, especially construction and plastics. Despite a decrease in feedstock naphtha prices, which has lowered production costs, the overall market sentiment remains bearish as traders navigate a landscape characterized by sluggish activity and cautious purchasing behavior. Supply dynamics have also played a role, with adequate availability of mixed xylene resulting from prior inventory restocking. However, production rates have been curtailed in response to the lack of downstream momentum. Import challenges from Asia, exacerbated by high freight costs and port congestion, have further constrained the supply chain, creating a delicate balance between available material and muted demand. The last recording price of September 2024 was assessed for FOB Hamburg USD 840/MT. The broader economic context in Europe, particularly Germany, has contributed to these market challenges. With the economy contracting unexpectedly and inflation rising, consumer and business sentiments have weakened. As key industries continue to face downturns, the outlook for the mixed xylene market remains uncertain, with expectations of further price declines as demand stays low amid a struggling economy.
For the Quarter Ending June 2024
North America
Mixed Xylene prices have inched lower across the US market during the second quarter of 2024 supported by weak derivative demand. The fragile buying sentiment surrounding the market was further dampened by sharp volatility in crude oil futures, coupled with a monthly loss in feedstock prices. Additionally, the sufficient supply kept surpassing downstream demand despite notably lower production rates amid the ongoing market uncertainty.
The raw material Naphtha prices have persistently decreased followed by soft crude oil prices which resulted in the low production cost of Mixed Xylene, contributing to a downward shift in the price realization of Mixed Xylene in the domestic market. Furthermore, demand for Mixed Xylene from the downstream p-xylene, and m-xylene industry has been inactive in the domestic market defying seasonal patterns while converters continued to report insufficient order entries.
The spot market transactions were also muted as the eagerness of terminal firms to enter the market was not strong. As a result, manufacturers of Mixed Xylene have reduced prices in order to boost sales. On the other hand, a major producer of Mixed Xylene ExxonMobil has reported net income of $8.22bn for Q1 2024, down 28% from $11.43bn recorded in the corresponding quarter of 2023. In the meantime, procurement from the overseas market has also been limited amid external headwinds which further promoted the manufacturers to lower their export prices. Therefore, prices of Mixed Xylene FOB Texas were settled at USD 995/MT with a month-on-month decrement of 8.8% during June 2024.
Asia- Pacific
Mixed Xylene prices have showcased a fluctuation in the Asian market during the second quarter of 2024. During the initial Q2 of 2024, Mixed Xylene prices have inched higher in the South Korean market. However, feedstock Naphtha prices have persistently decreased which resulted in the low production cost of Mixed Xylene in the domestic market. In addition, demand for Mixed Xylene from the downstream p-xylene industry has increased due to a rise in consumption from the end-user sector, leading to an upward shift in the price realization of Mixed Xylene. Though domestic demand from the o-xylene, m-xylene was relatively stable during the week. In addition, inquiries from the overseas market have also been observed on the higher side in an effort to replenish the material. As per the market source, South Korea's May export to China increased by 7.6% year on year to $ 11.4 billion, the highest in 19 months, while shipments to the US increased at a faster rate of 15.6% to $10.9 billion. Furthermore, due to low operating rates in the last few weeks, material availability was limited to meet the downstream demand. However, after experiencing a bullish rally, Mixed Xylene prices have inched lower towards the end of Q2 of 2024. The cost support from feedstock Naphtha was limited on Mixed Xylene as its prices settled on the lower end, supporting the prices to follow a downward shift in the price realization of Mixed Xylene in the domestic market. In addition, the domestic demand for Mixed Xylene from the downstream p-xylene, o-xylene, and m-xylene industries was average which weighed down the prices of Mixed Xylene in the domestic market. Meanwhile, the Mixed Xylene supply balance remained tight due to low steam cracker operating rates. Nonetheless, it was insufficient to drive the price realization of Mixed Xylene to the higher end in the domestic market. As a ripple effect, prices of Mixed Xylene FOB Busan were settled at USD 904/MT with a monthly decrement of 1.3% during June 2024.
Europe
Mixed Xylene prices have witnessed mixed sentiments across the European market during the second quarter of 2024. During the initial Q2 of 2024, Mixed Xylene prices have inched higher in the German market. Tightening supply conditions were the main driver behind the price rise, even though demand from the downstream Xylene derivative notably p-xylene, o-xylene, and m-xylene industry has remained under pressure from economic challenges. Moreover, the price rise was further supported by curtailed output rates and a few outages in the domestic market, leading the limited material availability in the domestic market. After staying on an uptrend at the beginning of Q2 of 2024, Mixed Xylene prices have turned soft towards the end of Q2 of 2024 amid an instant response to bearish crude oil prices, low feedstock Naphtha costs, challenging economic headwinds, and subdued downstream demand. The German Mixed Xylene market experienced a subdued trading momentum, as reflected in the weakening purchase appetite for materials. The adverse impact on market sentiment, arising from a combination of bearish factors comprising weak demand from the downstream derivative industries, has been pressuring prices lower. Consumers were seen preferring to make need-based purchases owing to a fall in orders from end-user industries. On the other hand, the German inflation rate slightly increased in May which further dampened consumer buying sentiments. In the meantime, inquiries for Mixed Xylene from the overseas market have also been observed on the lower end amid weak buying trends among the end-users which further put a strain on Mixed Xylene prices. Therefore, prices of Mixed Xylene FOB Hamburg were settled at USD 928/MT with a month-on-month decrement of 8.1% during June 2024.
